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IT Service Providers Are Missing Out On A Hidden But Profitable Opportunity

Migration Opportunity for Technology Providers Servicing Credit Unions

As the technology providers business matures and competition increases, providers are constantly looking for additional ways to heighten revenue and increase profits.

Innovative technology providers have successfully grown revenue and profits by pursuing services outside their normal scope. One of the largest and easiest areas to generate significant amounts of recurring revenue — without risking current relationships or investing a lot of time and resources — is in modern hosted services related to the IBM legacy computing space. This is especially true because most credit unions are currently operating on these systems.

Migration As Opportunity, Particularly In The Credit Union Environment

The potential overall market size is large, estimated at more than $180 billion annually, and it’s growing as more credit unions embrace shifting these workloads to cloud service providers. What’s fueling this migration is severe staffing issues, as many of the support people are retiring. At the same time, credit unions are also confronted with increasing costs to maintain their existing systems and provide disaster recovery, security, and backup, among other pressing data and system management concerns.

The IBM Power Systems cloud migration effort is in its infancy, yet it represents a potential boon for technology providers currently servicing credit unions as viable sources of considerable revenue. The opportunities here are significant; only 15% of all businesses have made the move, while 85% of businesses report they’ll need to make the move within the next five years.

Working with CloudFirst as your IBM Support Partner allows you to refer opportunities and earn recurring revenue with as little or as much participation as you desire — while still maintaining your vital credit union client relationship.

To learn more about the rapidly broadening potential in the credit union marketplace or to download a step-by-step guide for entering the marketplace, visit our partner site, obtain more information and sign up today!

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
October 24, 2022

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